The Illinois Department of Insurance needs more time to comply with Interstate Insurance Product Regulation Compact (IIPRC) standards, an official says.
Michael McRaith, the director of the Illinois department, has sent the IIPRC a letter asking for a temporary stay of uniform standards retroactive to Dec. 13.
Technically, McRaith also is providing a notice of an intent to opt out of the standards.
But the Illinois department supports an Illinois law passed in November that requires the state to participate in the compact, McRaith says.